Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee approves tax-mod deal for 125 Columbus Blvd., backing 64-unit affordable project
Summary
The Committee of Administration, Finance and Law and Public Services voted Sept. 3 to approve an amended tax modification for 125 Columbus Boulevard (Columbus Commons Phase 2), a proposed 64-unit, 100% affordable development; the committee adopted a technical amendment and approved the measure as amended.
The Committee of Administration, Finance and Law and Public Services voted Sept. 3 to approve an amended tax modification for 125 Columbus Boulevard, a proposal known as Columbus Commons Phase 2 that developers say would create 64 one- and two-bedroom affordable apartments.
Jack Benjamin, New Britain City’s director of planning and development, told the committee the project is a partnership between Heritage Housing and RMS Companies and is proposed as a 100% affordable development with rents targeting tenants at 30%–80% of area median income (AMI). Benjamin said the city received four qualified RFP responses and selected this team based on experience, the development program and the requested tax modification.
The tax modification discussed would run 18 years and be structured as 10% of ‘‘shelter rents’’ (the project’s aggregate annual rent revenue), projected to grow over the term. Benjamin described tax modifications…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
